In 1980, HSBC acquired a 51% shareholding in US-based Marine Midland Bank, which it extended to full ownership in 1987. It was formally incorporated as The Hongkong and Shanghai Banking Corporation by an Ordinance of the Legislative Council of Hong Kong on 14 August 1866. The Hongkong and Shanghai Bank was founded by the Scottish banker, Thomas Sutherland, in the then-British colony of British Hong Kong on 3 March 1865, and in Shanghai a month later, benefiting from the start of trading into China, including opium trading. History Origins and until 2000 įor more information on the history of HSBC prior to the founding of HSBC Holdings in 1991, see The Hongkong and Shanghai Banking Corporation § History. 5.10.6 Payments-processing failures (2015).5.10.5 Overzealous Money-laundering policies (2014).5.8 Support for China's Security Law for Hong Kong (2020).5.3 Belgian Tax Fraud, money laundering charges (2014).5.2 Forex, Libor and Euribor scandals (2014).4.3 List of previous Group Chief Executives.2.4 Principal business groups and divisions.HSBC's history has been plagued by a succession of scandals and the bank has been repeatedly fined for money laundering (sometimes in relation with criminal organizations such as the Sinaloa cartel) or setting up large scale tax avoidance schemes. It has secondary listings on the New York Stock Exchange, and the Bermuda Stock Exchange. HSBC has a dual primary listing on the Hong Kong Stock Exchange and London Stock Exchange and is a constituent of the Hang Seng Index and the FTSE 100 Index. In 2020, the bank announced that it would consolidate its Retail Banking & Wealth Management arm with Global Private Banking, to form Wealth & Personal Banking. HSBC is organised within three business groups: Commercial Banking, Global Banking and Markets, and Wealth and Personal Banking. 38 in the world in the Forbes rankings of large companies ranked by sales, profits, assets, and market value. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. The Hongkong and Shanghai Banking Corporation opened branches in Shanghai in 1865 and was first formally incorporated in 1866. HSBC traces its origin to a hong in British Hong Kong, and its present form was established in London by the Hongkong and Shanghai Banking Corporation to act as a new group holding company in 1991 its name derives from that company's initials. In 2021, HSBC had $10.8 trillion in assets under custody (AUC) and $4.9 trillion in assets under administration (AUA), respectively. It is the largest bank in Europe by total assets, with US$2.953 trillion as of December 2021. HSBC Holdings plc is a British multinational universal bank and financial services holding company. The Hongkong and Shanghai Banking Corporation.
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